2005—Subsec. Pub. This credit is used when homeowners purchase solar systems and have them installed on their homes. Subsec. L. 98–369, § 735(c)(1), substituted “the chassis of which is an automobile bus chassis and the body of which is an automobile bus body” for “the chassis and body of which is exempt under section 4063(a)(6) from the tax imposed by section 4061(a)”. (l)(5). L. 94–455, set out as a note under section 27 of this title. Pub. (c)(4). L. 111–5, § 1104, added subsec. L. 98–369, set out as a note under section 168 of this title. L. 98–369, set out as a note under section 46 of this title. The energy efficiency percentage and the percentages under subparagraph (A)(ii) shall be determined on a Btu basis. (v) as (vi) and substituting “less than the recovery period determined under section 168(c)” for “less than 19 years (15 years in the case of low-income housing”, restating subpar. L. 115–141, § 401(a)(22), substituted “equal to $200” for “equal $200”. L. 114–113, § 302(b), as amended by Pub. L. 102–227 substituted “June 30, 1992” for “December 31, 1991”. L. 114–113, § 303(a), substituted “property the construction of which begins before January 1, 2022” for “periods ending before January 1, 2017”. 34, provided that: Pub. (c)(4)(B) to (D). (c)(2)(D). L. 98–369, § 431(c), added par. Subsec. Subsec. A, title X, § 1096(b), Pub. Pub. (n). 1967—Subsec. Pub. Pub. (viii) to (x), respectively. Subsec. Pub. Pub. 29, 1975, 89 Stat. L. 108–357, as amended, set out as a note under section 45 of this title. (s), relating to cross reference, as (t). L. 102–486 substituted “The” for “Except as provided in subparagraph (B), the” in subpar. (c). 3813, provided that: Pub. See 1983 Amendment note for subsec. (g). Pub. L. 96–223, title II, § 222(j), Apr. L. 98–369 applicable to property placed in service after July 18, 1984, in taxable years ending after such date, but not applicable to property to which sections 46(c)(8), (9) and 47(d) of this title, as enacted by section 211(f) of Pub. %%EOF Subsecs. Pub. L. 98–369, § 11(a), substituted “$125,000 ($150,000 for taxable years beginning after 1987)” for “$150,000 ($125,000 for taxable years beginning in 1981, 1982, 1983, or 1984)” in first sentence, and “$125,000 (or $150,000” for “$150,000 (or $125,000” in two places in second sentence. Subsec. (i), substituted provisions for a recovery period of 15 years for provisions that had provided for a useful life of 5 years or more in cl. Pub. (C) as (B), and struck out former subpar. (n), see section 474(o)(15) of Pub. L. 96–605, title I, § 109(b), Dec. 28, 1980, 94 Stat. L. 91–172, set out as a note under section 1561 of this title. (l)(4)(C). (b)(1). Prior to amendment, text read as follows: “For purposes of this paragraph, the term ‘qualified investment credit facility’ means any of the following facilities if no credit has been allowed under section 45 with respect to such facility and the taxpayer makes an irrevocable election to have this paragraph apply to such facility: “(i) Wind facilities.—Any qualified facility (within the meaning of section 45) described in paragraph (1) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, or 2012. (5) of subsec. Pub. Subsec. Subsec. L. 114–113, § 303(c), substituted “Except as provided in paragraph (6), the energy percentage” for “The energy percentage” in introductory provisions. Pub. The biomass-to-electricity (anaerobic digestion using biomass … L. 109–58, title XIII, § 1336(e), Aug. 8, 2005, 119 Stat. 2829, provided that: Amendment by section 703(a)(3), (4) of Pub. L. 115–123, § 40411(e), substituted “the construction of which begins before January 1, 2022” for “which is placed in service before January 1, 2017”. Subsec. L. 115–141, § 401(a)(350)(A), inserted “(January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d))” before “, and”. L. 99–514, title XVIII, § 1879(j)(2), Oct. 22, 1986, 100 Stat. L. 101–239, set out as an Effective Date note under section 263A of this title. Pub. (i)(2). L. 88–272, § 203(a)(3)(A), (b), substituted “except as provided in paragraph (2)” for “if such property was constructed by the lessor (or by a corporation which controls or is controlled by the lessor within the meaning of section 368(c))” in par. 1729, as amended by Pub. (l). In the case of qualified microturbine property placed in service during the taxable year, the credit otherwise determined under subsection (a) for such year with respect to such property shall not exceed an amount equal to $200 for each kilowatt of capacity of such property. 2008—Subsec. (D). L. 99–514, § 1802(a)(9)(B), substituted “section 168(j)” for “section 168(j)(3)”. (d)(3)(A). Subsec. Pub. L. 109–135, § 412(n)(1), redesignated cl. Subsec. Amendment by section 212(a)(3), (b), (c), (d)(2)(A) of Pub. (a)(2)(A)(i)(IV). (a)(7). Amendment by Pub. L. 95–600, § 312(c)(2), as amended by Pub. (3) to (7) which defined “employee plan credit”, “basic employee plan credit”, “matching employee plan credit”, “basic employee plan percentage”, and “matching employee plan percentage”, respectively. 364, as amended by Pub. L. 110–343, div. Pub. A, title I, § 114(b), July 18, 1984, 98 Stat. L. 96–451 added subpar. Subsec. L. 114–113 effective Jan. 1, 2015, see section 187(c) of Pub. 3814, provided that: Pub. Pub. Subsec. L. 109–58, § 1337(b), added cl. (D) and redesignated former subpar. (c)(1)(E), (2)(E). (a)(5)(E)(iv). L. 96–223, § 222(i)(2), added cl. L. 97–34, § 332(b), substituted “which does not exceed” for “equal to”. 2019—Subsec. (s)(9). L. 95–600, § 703(a)(3), substituted “section 46(a)(6)” for “section 46(a)(5)”. Pub. (M) as (N). L. 115–123, § 40411(b)(1), added par. (5) read as follows: “For purposes of this subsection, the term “sound recording” means any sound recording described in section 280(c)(2).”. (q)(3). L. 115–141, § 401(a)(350)(B), added subpar. L. 97–34, title II, § 213(b), Aug. 13, 1981, 95 Stat. Subsec. L. 97–354 substituted “Partnerships and S corporations” for “Partnerships” in subpar. Amendment by section 312(c)(1), (2), (3) of Pub. ���"�\��{�6��,W������%@@j���={�gfe$�`2�L��bRǨ5�%2L��1'j˼5�!K FEe,LX�[�.��F�ULIA͚)�a&���YұLyE:�i�ϴ�5ؘ�H��4t�d�L��޹�VC�>�{c��L$&����FY&R~���'薎�>iz{��@�x�K��\�M�_�U�(���o��m�O��_��4�?_�n�9������x\fe�'���. Pub. 506, provided that: Amendment by section 31(b), (c)(1) of Pub. Pub. L. 98–369, § 114(a), amended subsec. (k) as subsec. Subsecs. Subsec. L. 109–432, § 207(2), substituted “December 31, 2008” for “December 31, 2007”. Under current law, taxpayers are eligible for the solar investment tax credit under Section 48 of the Code (the Solar ITC) based on the year in which construction begins with respect to the applicable solar project. (g)(2). Subsec. Subsec. Subsec. Amendment by section 111(e)(8) of Pub. (2) and (3). The credit is 30 percent of the equipment’s cost while the initial $2.3 billion lasts. L. 100–647, § 1002(a)(14)(F), substituted “paragraphs (5) and (6) of section 168(h)” for “paragraphs (8) and (9) of section 168(j)”. Subsec. § 48. (a)(2)(B)(vi). Section 48-7-40.28. Subsec. Pub. L. 98–369 applicable as if included in the amendments made by section 205(a)(1) of Pub. The term “combined heat and power system property” shall not include any property comprising a system if such system has a capacity in excess of 50 megawatts or a mechanical energy capacity in excess of 67,000 horsepower or an equivalent combination of electrical and mechanical energy capacities. L. 99–514, set out as a note under section 47 of this title. Pub. 2018—Subsec. (iii), relating to qualified fuel cell property or qualified microturbine property, as (iv). L. 99–514, § 251(b), amended par. the denominator of which is the lower heating value of the fuel sources for the system. Subsec. Pub. Subsec. L. 100–647, § 1002(a)(30), substituted “to which section 168 applies” for “which is recovery property (within the meaning of section 168)”. Subsec. L. 113–295, § 209(d), inserted “or alternative minimum taxable income” after “includible in the gross income”. L. 96–451, title III, § 302(b), Oct. 14, 1980, 94 Stat. (g). (e) relating to apportionment among shareholders of qualified investments by an electing small business corporation. Pub. Pub. Pub. L. 98–369, set out as a note under section 1361 of this title. (a)(5)(C). T… Pub. Subsec. Pub. “(iv) property described in the last sentence of section 48(l)(3)(A) of such Code (relating to storage equipment for refuse-derived fuel). (l)(16)(B)(i). Pub. Pub. the amendment made by paragraph (1) shall apply to periods after December 31, 1979, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986. (E) as (D) and struck out heading and text of former subpar. (v), substituted provisions relating to equipment which converts coal into a substitute for a petroleum or natural gas derived feedstock for the manufacture of chemicals or other products and equipment which converts coal into methanol, ammonia, or hydroprocessed coal liquid or solid for provisions which had related simply to equipment which used coal as feedstock for the manufacture of chemicals or other products other than coke or coke gas, added cl. Section 47(a)(7) of such Code shall apply. 1331)”. Subsec. L. 97–34, set out as a note under section 46 of this title. L. 95–600, title III, § 314(c), Nov. 6, 1978, 92 Stat. Subsec. Under the ITC, owners of qualifying energy projects can claim a tax credit up to 30% of their project's capital costs. Pub. L. 96–222, set out as a note under section 32 of this title. (7) to (9), respectively. L. 94–455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. (a)(5)(D). L. 97–248, § 205(a)(4), added par. B, title I, § 105(b), Pub. L. 110–343, § 103(a)(2), substituted “December 31, 2016” for “December 31, 2008”. Pub. L. 96–605, title II, § 223(b), Dec. 28, 1980, 94 Stat. B, title I, § 104(e), Oct. 3, 2008, 122 Stat. L. 115–141, § 401(a)(350)(A), made technical amendment to directory language of Pub. Pub. Pub. (a)(10). Subsec. 1966—Subsec. Pub. (d)(6)(C)(ii). Pub. (g)(2)(B)(v) not applicable to leases entered into before May 22, 1985, if the lessee signed the lease before May 17, 1985, see section 105(b)(1), (5) of Pub. 2828, provided that: Pub. Subsec. L. 97–448, § 102(e)(2)(A), inserted “(not including a building and its structural components) used in connection” after “storage facility”. Pub. L. 115–123, § 40411(a), substituted “property the construction of which begins before January 1, 2022” for “periods ending before January 1, 2017”. Subsec. L. 99–514, § 1847(b)(6), substituted “section 23(c)” for “section 44C(c)” and “section 23(c)(4)(A)(viii)” for “section 44C(c)(4)(A)(viii)”. (n). Amendment by section 306(a)(3) of Pub. 3528, provided that: Pub. Subsec. (1) generally, restating in subpars. L. 111–5, which is set out as a note below. Letter Ruling 20153014, interpreting Sec. L. 111–5, set out as a note under section 25C of this title. Pub. L. 97–34, § 211(a)(2), struck out par. L. 115–123, div. § 48-7-40.30 - (Effective January 1, 2011) Income tax credit for certain qualified investments for limited period of time O.C.G.A. Text read as follows: “(1) In general.—For purposes of section 46, the reforestation credit for any taxable year is 10 percent of the portion of the amortizable basis of any qualified timber property which was acquired during such taxable year and which is taken into account under section 194 (after the application of section 194(b)(1)). L. 95–600, to which such amendment relates, see section 201 of Pub. Subsec. (h) which related to suspension of investment credit. (n). (E). L. 108–357, § 710(e), inserted at end of concluding provisions “Such term shall not include any property which is part of a facility the production from which is allowed as a credit under section 45 for the taxable year or any prior taxable year.”. Pub. Pub. (l)(11)(A)(ii). See 1980 Amendment note above. (l)(13). Pub. L. 96–223, § 222(a), added cls. L. 98–369 effective as if included in the Subchapter S Revision Act of 1982, Pub. (a)(2)(B)(xi). (L), redesignated former subpar. Subsec. (3) generally, inserted introductory phrase “For purposes of this subsection—”. L. 95–618, § 301(b), added subsecs. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 114–113, § 302(a). 228, provided that: Pub. 320, provided that: Amendment by section 1103(a), (b)(1) of Pub. Amendment by section 401(e)(2)–(4) of Pub. L. 97–34 applicable to periods after Dec. 31, 1980, under rules similar to the rules under subsec. (a)(3)(A)(vi). Subsec. (2) generally, in subpar. Subsec. Subsec. Pub. Pub. Subsec. Subsec. Pub. Subsec. L. 114–113, § 302(b). L. 98–369, § 31(c)(2), inserted “The preceding sentence shall not apply to any expenditure to the extent subsection (f)(12) or (j) of section 168 applies to such expenditure.”. For purposes of clause (i), the term “applicable capacity” means 15 megawatts or a mechanical energy capacity of more than 20,000 horsepower or an equivalent combination of electrical and mechanical energy capacities. L. 101–508, set out as a note under section 45K of this title. (a)(5)(E). (g)(5). L. 96–223, § 222(f), added par. (a)(3)(A)(iii). (1)(D) without change, substituted “December 31, 1981” for “October 31, 1978” in provisions of par. endstream endobj startxref Pub. Subsec. 149 0 obj <>/Filter/FlateDecode/ID[<2BBC1DA5C92C234F8650730971DB2000>]/Index[131 44]/Info 130 0 R/Length 92/Prev 347693/Root 132 0 R/Size 175/Type/XRef/W[1 3 1]>>stream (2), and deleted provisions which stated that if a lessor made an election under this subsection, subsec. (b). (r) as (s). Pub. See 2015 Amendment note below. Subsec. (n) generally to reflect the renaming of an investment tax credit ESOP to a tax credit employee stock ownership plan and a leveraged employee stock ownership plan (commonly referred to as an ESOP) to an employee stock ownership plan. the denominator of which is the basis of the property. Pub. L. 97–448 effective, except as otherwise provided, as if it had been included in the provision of the Economic Recovery Tax Act of 1981, Pub. (r). Pub. Pub. (b). Pub. (D). Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of subsection (a). (II), and, in provisions following subcl. L. 99–514, set out as an Effective Date note under section 55 of this title. Amendment by Pub. Subsec. L. 96–223, § 222(b), (g)(2), struck out “(other than coke or coke gas)” after “solid fuel” in cl. Pub. Pub. Pub. Pub. (16). (a)(2)(B)(i). (C) redesignated (B). Subsec. Pub. L. 91–172, § 401(e)(4), substituted reference to a component member of a controlled group for reference to a member of an affiliated group. Pub. 1982—Subsec. (G). (A) to (C) generally raising in subpar. (d)(1), (2)(A). Percentage of project value RESURCES FR STATE AND LCAL GERNENTS 3. L. 96–223, § 221(b)(1), substituted “For any period for which the energy percentage determined under section 46(a)(2)(C) for any energy property is greater than zero” for “For the period beginning on October 1, 1978, and ending on December 31, 1982” in provisions preceding subpar. (g) generally, reenacted par. Subsec. 2909, provided that: Pub. Pub. No credit shall be determined under this section or section 45 with respect to such property for the taxable year in which such grant is made or any subsequent taxable year. (k) and redesignated former subsec. (x) and inserted definition of “northern portion of the Western Hemisphere” following cl. Amendment by section 155(b) of Pub. 3039, provided that: Amendment by section 187(b) of Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Subsec. Subsecs. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”. (a)(7) to (9). (l)(15). L. 116–94, div. (g) would not apply with respect to such property, and deductions otherwise allowable under section 162 to the lessee for amounts paid the lessor would be adjusted consistent with subsec. (E). h�b```c``*a`a`�,��À ��@q��&0� L. 96–223, § 221(b)(2), substituted “one-half of the energy percentage determined under section 46(a)(2)(C)” for “5 percent”. L. 101–508, set out as a note under section 45K of this title. L. 97–362, title I, § 104(b), Oct. 25, 1982, 96 Stat. L. 97–248, to which such amendment relates, see section 715 of Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. L. 98–369 applicable with respect to property placed in service by the taxpayer after Mar. 2824, provided that: Amendment by section 302(c)(3) of Pub. Pub. § 1.48-4(a)(1). L. 99–514, § 2, Oct. 22, 1986, 100 Stat. (6). (a)(10). Subsec. L. 99–514 applicable to costs incurred after Dec. 31, 1986, in taxable years ending after such date, except as otherwise provided, see section 803(d) of Pub. (2) "Qualified investment" means a cash investment in a legal entity in which the research fund … Pub. Q, title I, § 127(b), Crude Oil Windfall Profit Tax Act of 1980, Pub. L. 97–34, title III, § 332(c)(2), Aug. 13, 1981, 95 Stat. Pub. subparagraph (A)(iii) shall not apply, but. L. 98–369, § 113(b)(4), added par. (a)(7)(A). 10 percent in the case of any other property. 1038, provided that: Pub. L. 110–343, § 103(c)(3), substituted “paragraphs (1)(B), (2)(B), and (3)(B)” for “paragraphs (1)(B) and (2)(B)”. L. 95–600 effective on Oct. 4, 1976, see section 703(r) of Pub. Pub. L. 114–113, § 303(b), added par. (9). is originally placed in service by such person after 2011 and before the credit termination date with respect to such property, but only if the construction of such property began during 2009, 2010, or 2011. (v). Amendment by section 735(c)(1) of Pub. 900x}P��y�E��(#SCq�c�ԝ��j�P8XM>i&�ѷ�4k��bVn�q@�` �\� (a) (i) Is eligible for the federal investment tax credit, as defined in sections 46 (c) and 48 of the Internal Revenue Code subject to the limitations provided for certain regulated companies in section 46 (f) of the Internal Revenue Code and is not a motor vehicle under eight thousand (8,000) pounds gross weight; or 1990—Pub. Subsec. (n). L. 109–58, § 1336(a), added cl. The energy investment tax credit (ITC) under section 48 of the Internal Revenue Code has been an important incentive that has largely funded the growth of the solar industry and certain other types of renewable energy. (ii) as (iii) relating to equipment used to produce, distribute, or use energy derived from a geothermal deposit. 48 (which uses language similar to Sec. Subsec. (F) property as its normal growing period. Subsecs. 65, as amended by Pub. (n)(1)(A)(i). Former subsec. Pub. Pub. L. 112–81, div. Subsec. Subsec. (a)(6). The preceding sentence shall apply, in any case in which the lessor does not make an election under section 48(d) of the, “The amendments made by this section [amending this section and sections, “The amendments made by the first three sections of this Act [amending this section and, “The amendments made by subsection (a) [amending this section] shall apply to taxable years ending after, in the case of property placed in service after, in the case of property placed in service before, The amendments made by subsection (b) [amending this section] shall apply with respect to property possession of which is transferred to a lessee on or after the date of enactment of this Act [, The amendments made by subsection (c) [amending this section] shall apply with respect to taxable years ending after, The amendments made by subsection (d) [amending, is originally placed in service by such person during 2009, 2010, or 2011, or. 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2020 investment tax credit section 48